DEGEN, the memecoin associated with the Base ecosystem, has experienced a notable uptick, gaining 11% in the past 24 hours after enduring a price drop of over 15% in the preceding week.
This surge coincides with the announcement of the “Deploy on Degen Week” initiative, spearheaded by Degen and Syndicate. The initiative aims to stimulate development activity on the Degen chain by offering $10 million in DEGEN grants.
We're launching "Deploy on Degen Week" with @syndicateio to boost development on the Degen chain! Have you built something or are you planning to? Sign up! Up for grabs: 10M $DEGEN for winners. Happy building! https://t.co/C9PEN94e8L https://t.co/t07vyiWncO
— Degen 🎩 (@degentokenbase) April 8, 2024
The prospect of incentivized development has evidently sparked renewed interest in DEGEN, prompting a bullish sentiment among investors. The announcement of “Deploy on Degen Week” underscores the commitment of the Degen and Syndicate teams to foster growth and innovation within the Degen ecosystem.
Notable DEGEN Whale Activity To Watch
On-chain data from Lookonchain reveals significant activity from a large whale in the DEGEN market. The whale recently made a substantial investment, spending 818 ETH (equivalent to approximately $3.02 million) to acquire 66.64 million DEGEN tokens.
However, despite this sizable investment, the whale is currently facing a loss of approximately $248,000 at the current price.
A giant whale spent 818 $ETH($3.02M) to buy 66.64M $DEGEN($2.77M) 11 hours ago, losing ~$248K at the current price.https://t.co/GFjuy7SRyG pic.twitter.com/ZFcFMAIgUg
— Lookonchain (@lookonchain) April 9, 2024
Despite the short-term fluctuations in price, the overall trajectory of DEGEN appears to be influenced by broader market dynamics and the development initiatives undertaken by the Degen and Syndicate teams. As the cryptocurrency ecosystem continues to evolve, initiatives like “Deploy on Degen Week” play a crucial role in driving innovation and fostering community engagement within the DEGEN ecosystem.
Investors and stakeholders will closely monitor the progress of “Deploy on Degen Week” and its impact on the DEGEN market, as it represents a significant milestone in the ongoing development of the Degen chain and the broader Base ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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